Assessing Financial and Operational Feasibility of Solar Energy Storage

This study undertakes comprehensive research on the economic feasibility of a 1MW solar park in Latvia, including an in-depth exploration of different energy storage options - like lithium-ion batteries and hydrogen applications. Given the steep fall in the prices of solar panels and lithium-ion batteries, a surge in the solar and power storage sector is anticipated. Despite lithium-ion batteries being the most common storage technology in EU renewable energy plants, the expected drop in the costs of green hydrogen production signals its potential as an increasingly viable energy storage option. The study also considers various financial scenarios and their implications on the project’s viability, including loan repayments and co-financing interest rates. For effective energy management, a strategy is proposed to accumulate electricity generated in the summer months and sell it during the winter. Additionally, this study offers an analysis of the infrastructure required for different storage technologies.